How to Make an Offer on a Dallas Home That Gets Accepted

How do I know if the asking price is fair?

Compare it with recent closed sales of similar homes nearby, adjusted for the differences. The asking price is the seller's opinion. Closed sales are what buyers actually paid.

• Start with closed sales on the same street and the nearest streets, then widen only if needed.
• Adjust for lot size and position, square footage, condition, updates, garage and pool.
• Look at what is under contract now. It shows where the market is heading for that type of house.
• Check what the active competition is asking and how long it has sat.

Before every offer, I show buyers the sales I used and how I adjusted them. My background in software and data makes me want the reasoning on paper, not a gut number.

Should I offer less than asking price?

Offer below asking when the comps support a lower price, and at or above asking when they do not. There is no standard discount in Dallas. The right number is specific to the house.

Signs that a lower offer is reasonable: the price is above what recent sales support, the home has been on the market for a while without an offer, there have been price reductions, or the house has visible problems the price does not reflect. Signs that a low offer will fail: the price is in line with comps, it is new to the market, and other buyers are touring.

How do I make my offer stand out?

Make it easy and certain for the seller to say yes. Price matters, but so do the terms around it.

1. Attach a preapproval letter matched to the offer price, or proof of funds for cash.
2. Offer earnest money and an option fee that show commitment.
3. Keep the option period as short as your inspections allow.
4. Ask what closing date suits the seller, and whether they need time to stay after closing.
5. Limit requests: skip asking for items that matter little to you.
6. If the seller is paying part of your costs, keep it reasonable for the price.

I call the listing agent before writing, to learn what matters to the seller. That conversation often decides the terms, and it costs nothing to ask.

What happens after the seller responds?

The seller can accept, reject or counter, and most offers get a counteroffer. A counter is a new offer: nothing is binding until both sides sign the same terms and the final signature is delivered.

• Counteroffer: look at the whole package, not just the price. A seller who moves on price may want a different closing date or fewer repair requests.
• Multiple offers: the seller may ask every buyer for "highest and best" by a deadline. Write the offer you would be comfortable losing with, not one you will regret winning.
• Rejection: ask whether the seller would consider a back-up offer, and keep watching. Contracts do end during the option period.

Set your top price before the first offer goes out, in writing if it helps. A number decided calmly at the kitchen table holds up better than one decided at 9 p.m. with a deadline an hour away.

How fast do I need to make an offer in Preston Hollow?

Fast enough for that particular house: a well-priced home that is drawing interest may need an offer within a day or two, while a home that has been listed for weeks gives you time. There is no fixed rule for the neighborhood.

Be ready before you tour: preapproval updated to the price range, earnest money available, and a clear idea of your top price. Ask the listing agent whether there is an offer deadline. For what to know about the area itself, see Preston Hollow.

Can I make an offer before selling my current house?

Yes, with the TREC Addendum for Sale of Other Property by Buyer, which makes your purchase contingent on your current home selling by a set date. Sellers often accept it only with a kick-out clause.

With a kick-out clause, the seller keeps marketing the home. If they get another acceptable offer, you have a short time to drop the contingency or let the contract end. Stronger alternatives are listing your home first, or financing the down payment without the sale. See selling and buying at the same time for the options.

Can a seller accept another offer after accepting mine?

A seller can accept a back-up offer, but cannot sell to that buyer while your contract is in effect. The back-up becomes the primary contract only if yours ends.

Your contract can end if you terminate during the option period, if the financing addendum lets you out, or if a kick-out clause is triggered and you do not respond in time. It can also end if you miss a deadline that gives the seller a right to terminate, such as late earnest money. Keep every deadline and the house stays yours.

What does contingent or pending mean on a listing?

Both mean the home is under contract. Contingent means the contract still depends on something. Pending generally means the contract is moving toward closing with fewer open conditions.

• In the North Texas MLS, a home in the option period usually shows as Active Option Contract.
• Active Contingent often means the sale depends on the buyer selling another home.
• Active KO, short for kick-out, means the seller is still taking back-up offers under a kick-out clause.
• Pending usually means the option period is over and the sale is heading to closing.

Public sites translate these statuses in their own way, so "pending" there may not match the MLS. If you love a home that is under contract, ask your agent to check its status and submit a back-up offer.